CMC Markets to Set up a Tech Hub in Manchester

CMC Markets, the global leader in offering online brokerage business headquartered in London, is set about expanding its presence in the UK, with establishing a tech hub in Manchester.

The expansion is part of the company's 'high-growth' strategy which is focused on decentralizing its London operations, reportedly.

"Manchester is quickly proving itself to be one of the leading technology hubs in the country. This investment by CMC will not only enable us to bring jobs to the region, but it will also allow us to build on the city's vibrant and growing financial technology sector and tap into the diverse, highly skilled workforce," said David Fineberg, deputy chief executive at CMC Markets.

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Besides, the brokerage has already made more than £100m investment in its systems and platforms.

"We are truly excited by the potential that an office in the North-west brings us. As a company, we know that our clients want to see new product ideas and solutions rolled out quickly, which is reliant on us having the right skill sets at our disposal," Simon King, head of IT development at CMC Markets, stated.

"While many companies may tackle a problem like this by looking to offshore the work, we have chosen to build technology teams in our new Manchester hub where there's already a growing FinTech sector, a significant talent pool and a number of world-leading universities. We believe we can deliver a step-change for the business as well as support the levelling-up agenda," he added.

In March, Fazzaco reported that in light of its robust capital position and having considered the ongoing investment in the business, CMC Markets has commenced a share buyback programme​ of up to £30 million, which will be completed no later than 30 June 2023.